US-Iran Tensions Send Oil Prices Soaring
Oil prices surged on Friday due to heightened tensions between the US and Iran, which increased uncertainty over energy shipments through the Strait of Hormuz.
The international benchmark Brent crude futures for November delivery traded at $94.77 per barrel, up 7.6% from last Friday's close of $88.10.
US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $90.34 per barrel, up 8.3% from $87.06 a week earlier.
The escalation in hostilities between Washington and Tehran included US forces striking targets on Iran's Larak Island near the Strait of Hormuz, followed by Iranian missile and drone attacks against sites used by US forces across the region.
Iran's Islamic Revolutionary Guard Corps (IRGC) stated that the attacks had 'further tightened the lock' on the Strait of Hormuz, reinforcing market concerns about continued disruptions to energy flows from the Gulf.